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Freddie Mac Posts a Profit, Not Seeking Bailout for the Moment

“(Reuters) – Freddie Mac reported a third-quarter profit on Tuesday, driven by a U.S. housing marketon the mend, and said it was not requesting additional funds from the U.S. Treasury to stay solvent.

The government’s second-largest mortgage funding entity, which said its portfolio of late-paying loans was the lowest in two years, had sufficient income to make a $1.8 billion dividend payment to the Treasury.

Freddie Mac had net earnings of $2.9 billion in the quarter that ended September 30, contrasting a $4.4 billion loss a year earlier.

This is the first time Freddie Mac reported earnings since the U.S. Treasury said it would force Freddie, as well as larger government funding firm Fannie Mae , to more quickly shrink their mortgage investments and turn over profits to taxpayers.”

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$NYX Posts Higher Profits, Low Trading Volume Hurts revenues

NYSE Euronext reported higher-than-expected third-quarter earnings on Tuesday but revenue missed as global trading activity remained weak.

After the earnings announcement, shares of the exchange operator [NYX  25.61    0.32 (+1.27%)   ] gained 1.2 percent in trading before the opening bell. (Click here to get real-time quotes for NYSE Euronext.)

The company reported third-quarter earnings excluding items of 44 cents a share, higher than a forecast of 41 cents per share and below last year’s 71 cents per share.

But revenue dropped 21 percent to $559 million from $704 million a year ago.

Analysts had expected NYSE Euronext to post revenue of $569 million, according to a Thomson Reuters estimate.

The company cited lower average daily trading volumes for the decline in revenue.”

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$TM Sees Profits Triple

“TOKYO (AP) — Toyota’s quarterly profit tripled, driven by a recovery from natural disasters, and the company raised its full-year earnings forecast Monday despite a sales slump in China.

Toyota Motor Corp., on track to regain the crown of world’s No. 1 automaker this year, reported a July-September net profit of 257.9 billion yen ($3.2 billion) compared with an 80.4 billion profit a year earlier. The result was better than the 238 billion yen ($3 billion) quarterly profit forecast by analysts surveyed by FactSet.

Japan’s top automaker raised its profit forecast for the full fiscal year through March 2013 to 780 billion yen ($9.8 billion) from 760 billion yen ($9.5 billion).”

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$TSLA Posts a Larger Than Expected Loss


“(Reuters) – Tesla Motors Inc reported a bigger quarterly loss on Monday as it ramped up production of its Model S sedan, and the electric carmaker maintained its 2012 revenue outlook.

Tesla said its third-quarter loss had widened to $110.8 million, or $1.05 per share, from $65.1 million, or 63 cents per share, a year earlier.

Excluding one-time items, Tesla reported a loss of 92 cents per share, compared with analysts’ expectations of a loss of 90 cents, according to Thomson Reuters I/B/E/S.

Revenue came to $50 million, up 16 percent from a year earlier and up 88 percent from the previous quarter. Analysts had expected $48.3 million.”

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Berkshire Profit Climbs 72% on Derivatives, Railroad

Warren Buffett’s Berkshire Hathaway Inc. (BRK/A) said profit climbed 72 percent in the third quarter as a stock-market rally helped improve results in the derivatives book and earnings at the railroad climbed.

Net income rose to $3.9 billion, or $2,373 a share, from $2.28 billion, or $1,380, a year earlier, the Omaha, Nebraska- based company said today in a statement. Operating earnings, which exclude some investment results, were $2,057 a share, missing the $2,063 average estimate of three analysts surveyed by Bloomberg.”

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$CVX Reports a Drop in Net Income

“The second-largest U.S. oil company said its third-quarter net income fell to $5.25 billion, or $2.69 per share, from $7.83 billion, or $3.92 per share, in the year-ago quarter”

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$LNKD Beats and Raises Guidance

“Following the earnings release, the company’s shares [LNKD  106.85    -0.08  (-0.07%)   ] rose more than 7 percent in trading after the closing bell. (Click here to get the latest quotes for LinkedIn.)

LinkedIn said it posted net income of $2.3 million, or 2 cents a share, during the three months ended Sept. 30, compared with a net loss of $1.6 million, or 2 cents a share, in the year-ago period.

Excluding certain items, LinkedIn said it earned 22 cents a share in the third quarter, above the 11 cents expected by analysts polled by Thomson Reuters.

Revenue in the third quarter was $252 million, up 81 percent year-over-year and ahead of the average analyst expectation of $244.2 million.

LinkedIn said it now expects total revenue for 2012 to range between $939 million and $944 million, compared with its prior range of $915 million to $925 million.”

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$SBUX Ups Guidance and Raises Dividend

“After the earnings announcement, the company’s shares [SBUX  46.6197    0.7197 (+1.57%)   ] rose more than 6 percent in trading after the closing bell. (Click here to get the latest quotes for Starbucks.)

The world’s biggest coffee chain’s net income was $359 million, or 46 cents per share, for the fiscal fourth-quarter ended Sept. 30, slightly up from $358.5 million, or 47 cents per share a year earlier.

Excluding gains that included the sale of corporate real estate, the company posted fiscal fourth-quarter earnings of 46 cents per share, up from 37 cents a share in the year-earlier period.

Revenue increased 11 percent to $3.36 billion from $3.03 billion a year ago.

Analysts had expected the company to report earnings excluding items of 45 cents a share on $3.38 billion in revenue, according to a consensus estimate from Thomson Reuters.”

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$AIG Beats the Street

“Higher prices in the insurer’s property-casualty division and gains on investments in its life and retirement division reportedly led to a sharp rise in operating income.

The insurance company’s shares [AIG  35.20   0.27  (+0.77%)   ] dropped 2 percent following the news after the closing bell. (Click here to get real-time quotes for AIG.)

Earnings excluding items rose to $1.00 per share from a loss of $1.58 per share in the year-earlier period .

Third quarter net income came in at $1.9 billion, compared with a net loss of $4 billion in the same period last year.

Revenue eased 3.3 percent to $8.75 billion from $9.04 billion a year ago.”

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$CI Ups Guidance


Cigna Corp. (CI), the fourth-biggest U.S. health insurer by market value, raised its 2012 forecast and said profit more than doubled after an acquisition boosted revenue from government-backed Medicare plans.

Third-quarter net income jumped to $466 million, or $1.61 a share, compared with $183 million, or 67 cents, a year earlier, when Bloomfield, Connecticut-based Cigna took a charge for a discontinued business unit, the company said in a statement today. Earnings excluding one-time items of $62 million were $1.69 a share, beating by 33 cents the average of 17 analyst estimates compiled by Bloomberg.”

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$PFE Profits Fall 14% as Revenues Drop 16%


“NEW YORK (AP) — Drug giant Pfizer Inc. says its third-quarter profit fell 14 percent as sales plunged, mainly due to U.S. generic competition to cholesterol fighter Lipitor, long the world’s top-selling drug.

The maker of pain reliever Lyrica says net income was $3.21 billion, or 43 cents per share. That was down from $3.74 billion, or 48 cents per share, a year earlier.

Excluding one-time items, earnings were 53 cents per share. Analysts expected 52 cents.

Revenue fell 16 percent to $13.98 billion, below expectations for $14.66 billion.

Pfizer raised its 2012 profit forecast, to $1.30 to $1.38 per share, from $1.21 to $1.36 per share, but reduced the top end of its revenue forecast by $1 billion.

Pfizer’s stock fell 52 cents, or 2.1 percent, to $24.35 in premarket trading.”

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